The European Securities and Markets Authority has published its 2027 work plan, laying out how it intends to coordinate national supervision of crypto-asset service providers under the Markets in Crypto-Assets framework. The agenda centers on operational resilience, outsourcing risk, liquidity, reverse solicitation and asset classification. ESMA Chair Verena Ross said the MiCA effort has moved away from rulemaking and toward supervision and supervisory convergence across member states. The regulator also plans to standardize the periodic reports that CASPs submit to national authorities and develop common risk indicators and supervisory dashboards. In parallel, ESMA will continue building MIDAS, a centralized crypto market monitoring system designed to detect potential market abuse under MiCA. The first phase of MIDAS is expected to be fully operational in 2027. Subject to board approval, ESMA said it plans to add analytical functions and broaden the types of data available to MIDAS in the fourth quarter, while feeding supervisory experience into the European Commission’s MiCA review due by June 2027.
The European Securities and Markets Authority (ESMA) has published its 2027 work plan, saying it will coordinate national supervision of crypto-asset service providers (CASPs) with a focus on operational resilience, outsourcing risk, liquidity, reverse solicitation and asset classification.
ESMA Chair Verena Ross said the MiCA agenda has shifted from rulemaking to supervision and supervisory convergence.
Supervision under MiCA moves into an execution phase
Under the plan, ESMA aims to standardize the periodic reports that CASPs submit to national regulators. It also wants to push for common risk indicators and supervisory dashboards to support more consistent oversight across jurisdictions.
MIDAS to monitor potential market abuse
ESMA will also advance MIDAS, a centralized crypto market monitoring system intended to track potential market abuse under the Markets in Crypto-Assets (MiCA) framework. The first phase of the system is expected to be fully operational in 2027.
After receiving board approval, ESMA plans to add analytical functions to MIDAS in the fourth quarter and expand the range of data available to the system. The authority said supervisory experience will also feed into the European Commission’s MiCA review, which is expected to be completed by June 2027.
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